obx sandbar living monthly market update

Another year has come and gone…

As 2024 draws to a close, we want to let you know how grateful we are for your support of OBX Sandbar Living! Whether you’re a client that we’ve served in the past or you just enjoy keeping up with the Outer Banks market with us, we’re honored to have you on this journey with us.

Warm wishes to you and your family for a happy holiday season and cheers to 2025! We can’t wait to see what the new year has in store for us.

-Danielle

Sold and Under Contract Analysis

SINGLE FAMILY RESIDENTIAL:

• YTD residential sales units are flat (up less than one percent) versus YTD 2023 

• YTD residential sales dollars are up 6.1% vs. YTD 2023 

• YTD median sale price was $707,750, up 6% vs. YTD 2023 

• November 2024 residential sales units were down 2.4% versus November 2023 

• Sales units November ‘24 over October ‘24 were down 24.5%   

• New listing inventory for November was down 14.8% versus October 

• As a comparison, new listings for November ‘24 were up 26.8% versus November ‘23 

• November residential sales volume was down 27.6% vs. October 2024 

• Sales units are basically flat (up .87%, less than a full percentage point) versus last year (and a reversal of October’s month-over-month gains, with November’s sold units down 24.5% versus October). Median sales prices, down 13% versus the month prior, are still up 6% year-over-year and with remarkable variations by town (see the chart at the bottom of the newsletter for a breakout by area).

  Let's look at month-over-month:

• Median sale price for all Residential property sold in November was $608,603--down 13% versus October ‘24. 

• November 2024's median sale price was down 16% versus November 2023.     

• November ‘24 vs. November ‘23, residential properties sold 82% slower, and at a 16% lower median sold price so while we’re still net positive for the year, we’re definitely seeing longer days on market and lower sales prices, and fewer multiple offer situations overall.

  RESIDENTIAL LOTS AND LAND:

• YTD residential land sales units are down 32% versus YTD 2023. 

• YTD residential land sales dollars are down 26% versus YTD 2023. 

• YTD residential land median sold price is $189,000, up 5% versus YTD 2023. 

• November residential land sales units were down 37% compared to November 2023. 

• November residential land sales units were up 20% versus October 2024. 

• November residential land sales dollars were down 2% versus November ‘23. 

• November residential land sales dollars were up 85% versus October ‘24.

inventory analysis

• New listing inventory for November 2024 was up 26.8% versus November 2023, but down 14.8% versus October’s new listings.

  • Drilling down, 142 new residential listings hit the market in November 2024, with 28% of those properties already sold or under contract.

• Average days on market for these is 9; median days on market is 5 (last month, the average DOM was 12 and the median DOM was 10, so while the percentage of new listings sold or under contract is down 5% month-over-month, the ones that are moving are moving quickly).

• Of the properties that have closed, 55% were cash transactions and 36% disclosed multiple offers (disclosure of multiple offers is not required by our MLS).

• See the chart below for the full breakdown by area…

days on market and distressed data analysis

• Average days on market for SOLD residential properties in November was 71, up 20.3% from October’s average of 59 days. 

• The average home sold 82% slower in November 2024 (71 days) versus November ‘23 (39 days).   

• The Median days on market in November was 47, meaning that half of the sold units did so in 47 days or less. 

• Year over year, the average DOM for properties sold in 2024 is 54 (up from 49 days YTD 2023), meaning that the average property sold 10% slower than one year ago. 

• Average days on market for all current ACTIVE residential listings is 109 days (up 7.9% versus 101 days in October). 

• Month-over-month, the average days on market for Under Contract properties is 74 days (up 8.6% from 69 days in October ‘24). 

• 28% of properties listed in November have already gone under contract or sold with an average days on market of 9. 

• It still rings true that homes that are priced consistent with their condition and/or are located in high demand areas per the chart above are still moving quickly and with multiple offers.

• There was 1 distressed residential listing sold in November 2024 (flat to October 2024 and November 2023).

• There was 1 distressed active residential listing as of November 30, 2024; up from 0 in October 2024 and down from 2 in November 2023.

pricing analysis

Residential Median Sale Price for YTD 2024 was $707,750, which was up 6% versus the year prior.

You’ll find a breakdown by price point below:

area data at-a-glance

*Note: Of all Outer Banks towns, Duck has the highest proportion of Co-Ownerships vs. other residential property types. The median price for Duck is skewed due to a disproportionate number of co-ownerships sold; the median price for sold residential properties YTD 2024 excluding Co-Ownerships is $1,012,500.

*All market data presented is courtesy of the Outer Banks Association of REALTORS MLS Single Family Residential, Jan 1 - Oct 31, 2023 and 2024.

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